Otis Worldwide Corporation

Latest Results (01.09.2026):

Otis Worldwide Corporation's fourth quarter 2025 results (and full year 2025) show solid Service-driven performance: Q4 net sales of $3.796 billion (up 3% year-over-year; organic +1%) and full-year net sales of $14.431 billion (up 1%, organic flat). Management highlighted strong Service momentum that lifted margins and adjusted EPS while New Equipment remained weak, and the company provided a 2026 outlook built on continued Service growth.

Quarter & Year at a glance

Q4 2025: net sales $3.796B (+3% / organic +1%), GAAP diluted EPS $0.95 (+13%), adjusted EPS $1.03 (+11%). Full year 2025: net sales $14.431B (+1%, organic flat), GAAP EPS $3.50 (‑14%), adjusted EPS $4.05 (+6%).

Service performance

Service was the growth engine: Q4 Service net sales $2.503B (+8% / organic +5%), segment operating profit $638M and margin expanded 100 bps to 25.5%. Full-year Service net sales $9.442B (+6% / organic +5%) with operating profit up and margin +50 bps to 25.1%.

New Equipment and backlog

New Equipment sales softened: Q4 New Equipment net sales $1.293B (‑5%), full-year $4.989B (‑7%). New Equipment orders were down ~2% at constant currency; New Equipment backlog up 6% (2% at constant currency). Modernization orders surged: Q4 modernization orders +43% (backlog +34%, +30% at constant currency).

Margins, cash flow and capital returns

Q4 GAAP operating profit $589M (margin 15.5%, +110 bps); adjusted operating profit $630M (16.6%, +70 bps). Q4 operating cash flow and adjusted free cash flow were $817M. Full-year operating cash flow $1.596B and adjusted free cash flow $1.583B. Otis repurchased ~ $800M of shares in 2025 and raised its dividend.

Balance sheet & other items

Year-end cash and equivalents were $1.096B (down from $2.300B at 12/31/2024). Total assets $10.653B and total liabilities $15.924B, producing a shareholders' equity deficit on the condensed balance sheet at year end.

2026 outlook

Otis projects full-year 2026 net sales $15.0–15.3B, organic sales up low- to mid-single digits (Service organic up mid- to high-single digits; New Equipment organic down low-single digits to flat), adjusted operating profit $2.5–2.6B, adjusted EPS up mid- to high-single digits, and adjusted free cash flow $1.6–1.7B.